The state Legislature is poised to take back half of the $50 million it provided in July for a grant program that helps low- and moderate-income Californians build ADUs.
You’ll probably need some kind of loan to help pay for an ADU. Your options will depend on your income, your home equity and your current mortgage.The goal was to bring about systemic change in the industry, rather than just provide more grants for individual ADUs, Ting said. But after CalHFA, “there was still a significant amount of hesitancy” at the agency to start a loan loss reserve program, he said.
Meanwhile, as homeowners built more ADUs, more lenders took an interest in the field. So after initially agreeing to redirect all $50 million to other programs, Ting said, he’s proposing to put $25 million into the existing ADU grant program and redirect the remainder.for borrowers, homeowners earning up to $194,000 in Los Angeles County would qualify for a grant.
“Many of these homeowners would not have been able to move forward with their ADU to build financial security for their families, if not for the support of the State Legislators and your support,” their letter to Ting and Senate Budget Committee Chair Nancy Skinner stated. “These projects employ hundreds of workers and provide affordable rental housing for the local communities we serve. ADUs are the least expensive and quickest housing to build in the State.
If it sounded too good to be true, it was — but only because the program hit its application limit in only two weeks and was effectively halted.
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